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Net profit rose 286 percent year-on-year to Rs 1,242 crore, according to its regulatory filing. That compares with the Rs 980-crore consensus estimate of analysts tracked by Bloomberg.

The bottom line in the corresponding quarter last year was adversely impacted by a one-time adjustment of Rs 513 crore on re-measurement of deferred tax assets due to the Tax Cut and Jobs Act enacted in the U.S. in October 2017. Adjusted for that, Sun Pharma’s net profit grew 49 percent year-on-year.

Revenue rose 16.3 percent to Rs 7,740 crore for the three months ended December, compared to the Rs 7,415-crore estimate.

"India and non-Taro U.S. sales were weak in the third quarter for Sun Pharma. EBITDA beat was led mainly led by lower R&D costs and forex gains,” said Param Desai and analyst with Elara Capital in a post-earnings report.

Key Highlights (YoY)

India sales rose 7 percent to Rs 2,235 crore.

U.S. finished dosage sales increased 10 percent to $362 million.

Emerging markets sales stood at $203 million, up 7 percent.

Rest of the world sales rose 4 percent to $125 million.

Shares of Sun Pharma ended 1.9 percent higher ahead of the earnings announcement. The stock had fallen to its lowest in almost six years in mid-January after a media report that a new whistleblower complaint alleging corporate governance lapses had been sent to the market regulator. The stock has since erased most of its losses, and is trading 3 percent higher so far in February.